California’s landmark privacy law: What has changed and what it means for investors
Despite a last-minute push by Big Tech to water down California’s consumer-privacy law, the first of its kind in the nation, six bills tacked onto California Consumer Privacy Act do not fundamentally change it.
Real-estate developer Alastair Mactaggart, who spent $3.1 million of his own fortune to make CCPA happen, worked on the law for two years after California voters approved it in the 2016 election. The fight since passage included contending with tech giants like Facebook, Alphabet Inc.’s GOOGL, +1.81% CCPA is beginning to crop up in the risk section of the prospectuses of IPO candidates, and the name is being uttered during quarterly financial conference calls.
“We reiterate our opinion that [federal regulation and investigations are] more noise vs. the start of broader structural changes across the tech food chain and will likely result in business model tweaks and potential DOJ/FTC fines in a worst-case scenario rather than forced breakups of the underlying businesses,” Ives said in a Sept. 27 note.
There were some 11th-hour additions to CCPA that could ease businesses’ compliance efforts around employee data for at least a year. How the changes affect businesses Limited exemption for employment-related personal information. Businesses would be exempt for one year – until Jan. 1, 2021 – from being required to respond to consumers’ requests for access to or deletion of the employment-related data the business collects and uses solely in an employment context.
A CELA spokeswoman said it hopes the data rights of employees are more strongly addressed in future legislation.
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